The Organisation of Petroleum Exporting Countries (OPEC) and its allies known as OPEC+ have reached a decision to keep plans to increase oil output by 400,000 barrels per day.
The increase will take effect in January 2022.
The decision was reached at the 23rd OPEC and non-OPEC ministerial meeting (ONOMM) which was held virtually on Thursday.
The monthly meeting by the alliance is held for the primary purpose of evaluating oil output to ‘make certain a stable and balanced oil market.’
The alliance, In November, had retained plans to add 400,000 barrels of oil to the market for December, ignoring Joe Biden’s call for more robust output.
The group agreed that due to the rising cases of the omicron variant of COVID-19, the meeting would remain in session pending further development.
Consequently, the global oil market would be watched closely, and the alliance could review the agreed plan.
At the meeting, OPEC+ also decided to ‘extend the compensation period until the end of June 2022 as requested by some underperforming countries’ and it also requested that ‘underperforming countries submit their plans by December 17, 2021.’
On Thursday, checks by TheCable showed that Brent crude futures rose by 1.04 percent to $69.91 at 6:46 pm.
Also, U.S. West Texas Immediate (WTI) surged by 1.17 percent to $66.74 a barrel at 6:46 pm.
